Reported by: Zee crwenewswire Mideast correspondent
Price of crude oil jumped up by 165 pips in overnight trading activity. Currently crude oil is trading around $78.10 whereas experts believe that weaker US dollar is the reason behind the hike in oil prices as it is making commodities look more lucrative for international investors and traders.
Further with the latest US GDP data showing a more then expected fall in the value of dollar it is forecasted that Crude oil prices will continue to rise in the international market.
The Euro fell by 30 pips against US dollar in last night trading. Last night fall was the first after the Euro’s consistent upward movement from the last three months against the dollar.
Projected US GDP data and unemployment claims created more fears for a sluggish US economic recovery. On the recent data the dollar fell to its lowest in three months against the euro and also declined against the yen and Swiss franc for the second day. Currently EUR/USD is trading around 1.3060 levels.
Investors are looking at the yen as a safe heaven currency and USD/JPY plunged by 80 pips in overnight market and more bearish trend is expected due to downturn in US economic indicators.
Traders and analysts are keenly looking for the latest GDP figures to be released today however it is projected that GDP will decline more than the expected 2.5 percent resulting in an additional weakening of the dollar against the yen and British pound.
********************************************************************
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY! Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. CRWENewswire.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold CRWENewswire.com report and Crown Equity Holdings, Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (read more) Rule 17B requires disclosure of payment for investor relations.
